DHMAX vs. DHPAX
Compare and contrast key facts about Diamond Hill Small-Mid Cap Fund (DHMAX) and Diamond Hill Mid Cap Fund (DHPAX).
DHMAX is managed by Diamond Hill. It was launched on Dec 30, 2005. DHPAX is managed by Diamond Hill. It was launched on Dec 31, 2013.
Performance
DHMAX vs. DHPAX - Performance Comparison
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DHMAX vs. DHPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHMAX Diamond Hill Small-Mid Cap Fund | -5.16% | 15.26% | 7.77% | 11.15% | -13.88% | 30.75% | 1.03% | 27.39% | -12.85% | 5.47% |
DHPAX Diamond Hill Mid Cap Fund | -5.01% | 12.95% | 10.48% | 9.19% | -13.67% | 30.87% | -2.01% | 25.38% | -10.58% | 10.13% |
Returns By Period
The year-to-date returns for both investments are quite close, with DHMAX having a -5.16% return and DHPAX slightly higher at -5.01%. Both investments have delivered pretty close results over the past 10 years, with DHMAX having a 7.17% annualized return and DHPAX not far ahead at 7.31%.
DHMAX
- 1D
- -0.36%
- 1M
- -10.04%
- YTD
- -5.16%
- 6M
- 1.90%
- 1Y
- 14.11%
- 3Y*
- 8.42%
- 5Y*
- 5.14%
- 10Y*
- 7.17%
DHPAX
- 1D
- -0.72%
- 1M
- -10.02%
- YTD
- -5.01%
- 6M
- -2.05%
- 1Y
- 8.40%
- 3Y*
- 9.73%
- 5Y*
- 5.19%
- 10Y*
- 7.31%
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DHMAX vs. DHPAX - Expense Ratio Comparison
DHMAX has a 1.21% expense ratio, which is higher than DHPAX's 1.07% expense ratio.
Return for Risk
DHMAX vs. DHPAX — Risk / Return Rank
DHMAX
DHPAX
DHMAX vs. DHPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small-Mid Cap Fund (DHMAX) and Diamond Hill Mid Cap Fund (DHPAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.72 | 0.52 | +0.20 |
Sortino ratioReturn per unit of downside risk | 1.20 | 0.87 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.11 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.02 | 0.64 | +0.38 |
Martin ratioReturn relative to average drawdown | 3.52 | 2.49 | +1.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.52 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | 0.28 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | 0.35 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.35 | -0.02 |
Correlation
The correlation between DHMAX and DHPAX is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DHMAX vs. DHPAX - Dividend Comparison
DHMAX's dividend yield for the trailing twelve months is around 12.95%, less than DHPAX's 19.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHMAX Diamond Hill Small-Mid Cap Fund | 12.95% | 12.28% | 7.75% | 1.00% | 5.01% | 5.55% | 0.49% | 4.81% | 4.51% | 0.45% | 1.74% | 1.20% |
DHPAX Diamond Hill Mid Cap Fund | 19.03% | 18.08% | 8.84% | 2.20% | 4.96% | 0.30% | 0.53% | 1.79% | 2.84% | 1.49% | 0.63% | 0.35% |
Drawdowns
DHMAX vs. DHPAX - Drawdown Comparison
The maximum DHMAX drawdown since its inception was -57.04%, which is greater than DHPAX's maximum drawdown of -46.59%. Use the drawdown chart below to compare losses from any high point for DHMAX and DHPAX.
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Drawdown Indicators
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.04% | -46.59% | -10.45% |
Max Drawdown (1Y)Largest decline over 1 year | -13.01% | -12.13% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -24.02% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -45.46% | -46.59% | +1.13% |
Current DrawdownCurrent decline from peak | -10.73% | -10.02% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -5.88% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.78% | 3.13% | +0.65% |
Volatility
DHMAX vs. DHPAX - Volatility Comparison
Diamond Hill Small-Mid Cap Fund (DHMAX) and Diamond Hill Mid Cap Fund (DHPAX) have volatilities of 4.53% and 4.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 4.42% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.70% | 10.07% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.20% | 18.25% | +2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.61% | 18.68% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.12% | 20.79% | +0.33% |